Blockchain has promised to become the next big thing in the industry. The Proof of Weight Protocol is a term that is seldom heard of, yet it is responsible for making blockchains unique. While many are guilty of using the terms “Proof of Work” (PoW) and “Proof of Stake” (PoS) frequently, the Proof of Weight Protocol often gets left out. However, in this post, we will be looking at it so you can determine if I am suitable for your blockchain development needs.
Understanding Proof of Weight
Proof of Weight is the name of a blockchain protocol where the “weight determines the blockchain’s processing power,” or unlimited resources contributed by each node. To understand Proof of Weight, we must first consider the concept of “proof of work” (PoW). There are many cryptocurrencies using PoW to verify transactions and maintain the blockchain. It was created as an alternative to the traditional system where a central authority controls transaction verification.
In PoW, miners allocate computing power to solve complex mathematical puzzles to verify transactions. The miner that solves the puzzle first gets rewarded for verifying a block of transactions on the blockchain. Cryptocurrencies using PoW algorithms include Bitcoin and Ethereum. These are both successful cryptocurrencies, but PoW has been criticized for being wasteful with energy because it requires a lot of power to run those calculations. That is why Proof of Weight Protocol in Blockchain has been proposed as an alternative to PoW.
For centuries people had to use insecure database systems that rely on centralized management of information stored. Nowadays, we are trying to move more and more infrastructures to decentralized blockchains. The Proof of Weight Protocol in Blockchain is one of the answers to speed up operations in a blockchain by validating transactions faster.
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